HomeMy WebLinkAbout8.1 Preliminary FY 2015-16 Budget Update 19� 82 STAFF REPORT CITY CLERK
CITY COUNCIL File #330-20
O`�LIFOU��
DATE: May 5, 2015
TO: Honorable Mayor and City Councilmembers
FROM: Christopher L. Foss, City Manager J
SUBJECT: Preliminary FY 2015-16 Budget Update, Ten Year General Fund Forecast and
Direction from City Council on Budget Preparation
Prepared by Colleen Tribby, Administrative Services Director and Lisa Hisatomi,
Assistant Administrative Services Director/Budget
EXECUTIVE SUMMARY:
The purpose of the report is to provide the City Council with an overview of the Preliminary FY
2015-16 Budget Update proposal and projection of the City's Ten Year General Fund forecast.
Staff is seeking the City Council's direction in preparing Fiscal Year 2015-16 Budget Update.
FINANCIAL IMPACT:
The financial impact will be determined following the direction provided by the City Council on
the preparation of the Fiscal Year 2015-16 Budget. Any additional initiatives that the City
Council directs to be included in the Fiscal Year 2015-16 Budget will receive final consideration
and adoption at the Budget Hearing on June 2, 2015.
RECOMMENDATION:
Staff recommends that the City Council receive the report and provide Staff with direction in
preparing the final Fiscal Year 2015-16 Budget Update.
Reviewed By
Assistant City Manager
Securing Dublin's Future
At the City Council's Strategic Planning meeting of March 7, 2015, the City Council discussed
the City's ten-year financial forecast. Despite a report that shows continued growth in property
and sales tax, there will be a decrease in development revenues as major projects are
completed and the City nears build out. These factors, combined with projected increases to
operational expenditures, could result in deficit spending in the General Fund by FY 2020-21. In
the next few years, the City of Dublin will begin the transformation from a growing city to a
maintenance city: that is, as the community matures, new development activity slows, and the
Page 1 of 11 ITEM NO. 8.1
associated funding sources decline, the City will need to shift its focus to maintaining its assets,
infrastructure, and services in a way that is sustainable.
A key outcome of the Strategic Planning meeting was the City Council's decision to identify
long-term fiscal sustainability as the key strategic initiative and to direct Staff to make sure fiscal
sustainability becomes a major factor in future decisions, including the FY 2015-16 budget and
beyond. Staff presented an initial list of specific focus areas within this initiative (listed below)
that will be pursued next Fiscal Year:
• Develop a preventative maintenance plan
• Reinvest in existing facilities/infrastructure
• Evaluate cost recovery and pricing policy for services / maintenance
• Develop performance measures / metrics to understand the return on investment of all
City services, and to use that data more effectively to inform policy decisions
• Plan for future expansion of public safety services
• Reevaluate the use of Internal Service Funds and fund balance policies to adequately
provide for City asset replacement
• Assess unfunded liabilities related to retirement benefits
• Discuss strategies for new or increased revenue streams
Going forward, the budget process will include an update of the Ten Year Forecast, and a
progress report on specific actions taken towards the goal of long-term fiscal sustainability. At
the heart of this emphasis the forecast is the City's commitment to maintaining and enhancing
the quality of life for the City's residents and businesses. It is essential that the City begin to
work towards securing Dublin's future. Staff has started a community engagement process to
discuss these issues with our residents, in order to both understand the community's priorities
and to provide education on the City's operations and financial outlook.
Ten Year Forecast Summary
The Ten Year Forecast serves as the foundation of the Preliminary FY 2015-16 Budget Update,
in terms of guiding the City's use of resources now to prepare for the future. Staff has been
particularly focused on identifying revenue sources that are truly one-time in nature, versus the
ongoing revenues that will sustain City operations as development slows. The following is a
high-level summary of revenue and expenditure assumptions over the Ten Year period:
Revenues
• Property Tax: 7% and 5% growth in FY 2015-16 and FY 2016-17, levelling off to an
annual increase of 2.0% by FY 2022-23
• Sales Tax: 3.9% growth in FY 15-16 and FY 2016-17, also levelling off to 2.0% by FY 22-
23
• Development revenue: For budgeting purposes, residential permit revenue in FY 2015-16
is projected at roughly 55% of projected revenue in FY 2014-15; thereafter, this source
decreases an average of 11% per year until it reaches a baseline of $1 .1 million in FY
2022-23 (compared to $4.5 million in FY 2014-15). Revenues associated with planning
and engineering services also decrease over the long term, but are largely offset by
decreases in related expenditures.
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Expenditures
• Contracted Services: Contract costs for Police, Fire and Maintenance are increasing
3.2% per year, based on recent experience. At this point no considerations have been
made in the forecast for cost increases due to new parks and facilities coming on line.
• Personnel Costs: the forecast includes an annual 3% Cost of Living Adjustment (COLA)
and a possible merit increase of 3%, after FY 2015-16. An increased contribution to
CalPERS of $250,000 per year has been built in, to allow for the possibility of paying
down the City's pension liability sooner, and achieving savings in future years.
Results
As illustrated in the chart below, the Ten Year Forecast shows a projected operating deficit in
FY 2020-21. Absent other actions, the City would need to begin shoring up reserves now just to
meet its cash flow requirement in later years. The Preliminary FY 2015-16 Budget Update was
prepared with these longer term trends in mind, and great emphasis has been placed on actions
the City can take now to help close the projected ongoing budget gap in the future.
Ten Year Forecast ($ in thousands)
90,000
70,004
64. 4 Building Permits-one-tim6
Building Permits-basaln
50. 4 ',
r m Ben Payment
erRevenue
40.000 es Tax
Prt erty Taxes
30.004 gong Exp
20,000
14,404
14-15 15-15 16-97 17-13 18-19 19-24 20-21 21-22 22-23 23.24 24-25
Preliminary FY 2015-16 Budget Update Overview
As this is the second year of a two-year budget, the numbers will not vary significantly from what
the City Council reviewed when it adopted the FY 2014-15 and FY 2015-16 Budget and
Financial Plan on May 20, 2014. Staff has updated the Preliminary FY 2015-16 Budget Update
with refined revenue estimates using the most recent information, costs associated with new
public safety contracts, updated personnel costs using the newest five-year agreement signed
by City employees, and the inclusion of funding for specific one-time actions.
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For FY 2015-16, the General Fund operating budget is balanced with ongoing revenues
covering ongoing expenditures. Total revenues are budgeted at $70.7 million; operating
revenues, excluding one-time Community Benefit Payments, total $70.0 million; operating
expenditures, excluding transfers to capital improvement projects, total $63.3 million. The
majority of capital improvement project costs funded by the General Fund are supported through
planned use of committed reserves, or one-time revenue sources such as Community Benefit
Payments, or through the special designation of surplus resources approved by the City
Council.
Revenues
Over the last three years, the City has experienced strong growth in property taxes, sales taxes,
and development revenues (building permits and plan review). General Fund revenues are
projected to increase 1% overall when compared to the current year projection.
The following figures illustrate the City's General Fund revenue source allocation for Fiscal Year
2015-16, and a comparison to the FY 2014-15 Amended Budget:
GF Revenues - $70.7M
Development Comm. Benefit
Rev Other PMT
10%A 2°o l 1%
Chargefor l
Services]Rent
6% �
Other Taxes Property Taxe
7% 45%
Sales Taxes
29%
Page 4 of 11
FY 14-15 Update vs
Amended FY 15-16 Amended
Category Budget Update Budget
Property Taxes $29,290,511 $31,786,036 $2,495,525
Sales Taxes 18,361,216 20,236,439 1,875,223
Other Taxes 5,053,800 4,908,000 (145,800)
Charge for Services/Rent 4,418,871 4,618,176 199,305
Development Rev 8,699,098 7,147,711 (1,551,387)
Other 1,238,579 1,310,836 72,257
Comm. Benefit PMT 2,790,377 698,375 (2,092,003)
Total General Fund $69,852,452 $70,705,573 $853,121
$35,000
$30,000
$25,000
N
V
_
$20,000
0
$15,000
$10,000
$5,000
so
+ � �` yQ- Q' Q�C` Q� r-FY 14-15 Amended
a� ret ■FY 15-16 Update
�r
Page 5 of 11
The following are the assumptions and projections for the major General Fund revenues:
• Property taxes: 9% increase from FY 2014-15 projected revenues, due to new
construction added to the tax roll, and to continued recapture of assessed valuation lost
via Prop 8 reductions.
• Sales taxes: 3.9% increase in allocation from FY 2014-15, based on the addition and
removal of specific businesses from the City's tax base, and including any known
economic factors (growth in the retail sector, decline in fuel sales revenue). Additionally,
the City will receive a one-time reconciliation payment of $1.2 million as the State closes
out the triple flip funding mechanism. After the one-time payment, the City will receive the
regular 1% allocation of sales tax on an ongoing basis.
• Development-related revenues: the estimate is based on the Building Division's most
recent projection of units to be constructed during FY 2015-16.
• Charges for Services are projected to increase by 4.5% due to increased recreation
program revenues, offset by increased program expenditures.
• Community Benefit Payments are considered one-time dollars exclusively designated for
one-time expenses. The decrease in the budget update compared to the last forecast is
due to the timing in the receipt of one-time revenue. A one-time historic park contribution
and Fallon Sports Park contribution received in FY 2014-15.
Expenditures
The preliminary budget reflects total General Fund operating expenditures increasing
approximately $2.5 Million comparing to FY 2014-15 Amended Budget, due to primarily
increases in contracted services costs and to additions to the position allocation plan, as
described in the following sections.
The graph and chart below demonstrates the allocation of General Fund expenditures by major
categories and a comparison to the FY 2014-15 Amended Budget:
Page 6 of 11
GF Operating Expenditures - $63.3M
Capital Outlay
&Other Salaries &
2% Wages
Benefits
8°/v
Services &
Contracted Supplies
Services 4%
62%
ISF Charges
4%
Utilities
3°/v
FY 14--15 Update vs
Amended FY 15-16 Amended
Categories Budget Update Budget
Salaries & Wages $10,279,952 $10,535,747 $255,795
Benefits 4,892,712 5,074,483 181,771
Services & Supplies 2,535,405 2,641,339 105,934
ISF Charges 1,778,101 2,584,257 806,156
Utilities 2,035,482 2,100,310 64,828
Contracted Services 38,094,035 39,293,968 1,199,933
Capital Outlay & Other 1,131,240 1,047,006 (84,234)
Operating Budget $60,746,927 $63,277,110 $2,530,183
Personnel Costs
Over the past several years, a number of employee cost sharing measures (healthcare and
retirement costs) have been implemented to relieve a portion of the ever-increasing benefit cost
burden to the City Currently, employees are paying 100% of the employee portion of pension
costs (which is 8% of salary) as well as contributing 3.95% to the employer portion of the
pension costs. Starting FY 2015-16, employees will be contributing an additional 3.05% for a
total of 7% of the City's pension contribution rate in addition to the employee portion of the cost.
The healthcare benefit is also capped at a flat rate instead of based on the actual annual
healthcare cost increase for better cost containment over the long term.
FY 2015-16 is also the first year in which the City will see the effects of the changes in CalPERS
pension fund policies, including modifications to the pooling structure, amortization periods, and
smoothing methods. This is projected to result in a significant rate increase for most agencies,
to be phased in over five years, beginning in FY 2015-16. For the City of Dublin, the new pooling
structure actually lowers the City's retirement rate, because the new method of allocating small
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employers' unfunded liability is based on each agency's liability instead of payroll, and the City
has a low retiree-to-active ratio. At the same time, CalPERS new assumption changes related
to smoothing and amortization will have a negative impact on the City's normal pension rate
(separate from the unfunded portion). The effect of this change will be seen in FY 2016-17, and
has been folded into the Ten Year Forecast.
The Preliminary FY 2015-16 Budget Update also includes a net increase of 3.5 FTE to the
position allocation plan, compared to FY 14-15 Amended Budget. The following is a summary of
the proposed position allocation plan:
FY 14-15 Update vs
Amended FY 15-16 Amended
Budget Update Budget
City Employees 91.50 93.75 2.25
Contract Personnel 130.60 131.85 1.25
Total 222.10 225.60 3.50
• City Employees — net increase 2.25 FTE:
• Increase Human Resources Analyst from 0.75 to 1 FTE
• Addition of 2 FTEs for Emerald Glen Recreation & Aquatic Center (Sr. Office
Assistant & Recreation Supervisor)
• Contract Personnel — net increase 1.25 FTE:
• Addition of one Lieutenant for Police Department (proposed)
• Increase in 0.25 FTE contract personnel for Building and Safety Division in
Community Development (proposed)
Contracts
Contract services costs equate to more than 60% of the General Fund operating budget. The
following is a summary of the City's major contract costs (General Fund only):
FY 14-15 Update vs
Amended FY 15-16 Amended
Budget Update Budget
Police $14,317,413 $15,381 ,017 $1 ,063,604
Fire 11,319,704 11,444,410 $124,706
MCE 3,364,001 3,494,620 $130,619
Total $29,001,118 $30,320,047 $1,318,929
The Public Safety cost is the largest component of the City's operating budget - it is
approximately 42% of General Fund operating expenditures. While Police and Fire services
contract costs have increased significantly for the past five years, Staff has continued to work
with the Alameda County Fire Department and Alameda County Sheriff's Office to negotiate and
implement cost containment measures to ensure long-term sustainability of providing public
protection services. For FY 2015-16, the police contract cost is projected to increase 7% due to
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COLA adjustment and addition of contract personnel. The Fire Update contract cost is
estimated to increase 1% due to net impact of COLA adjustment and a new labor agreement
that incorporates employee cost sharing.
Parks and facilities maintenance is another major contracted service for the City. The MCE
Update cost reflects a "maintenance of effort" proposal. The 4% increase over FY 2014-15 is
due to a CPI adjustment and accounting for service provision to new City facilities.
Other contract for services budget increases are due to development activities, recreation
programs, and professional services for fiscal and service delivery.
Internal Service Fund (ISF) Charges
Staff has initiated a comprehensive review of the City's Internal Service Funds to determine: 1)
whether the true ongoing costs associated with the provision of internal services are being
accurately captured; 2) whether a reasonable method of allocating costs back to departments is
being used; and 3) whether the City should be contributing lump sum amounts as part of the
budget process in order to fortify reserves for future replacements. To help answer those
questions with regard to information technology services, Staff has created a new IT Internal
Service Fund, which will allow the IT division to better control the costs and deployment of
technology throughout the City, and which will ultimately reflect the accurate cost of IT services
in each department. The entire IT budget, including staffing, is now reflected in the IT Fund,
which is then allocated back to departments via an internal charge. For this reason, there is a
significant increase in ISF Charges to the General Fund in FY 2015-16, and the IT position costs
are no longer reflected in the General Fund personnel category (with no overall net change).
Additionally, the IT Master Plan, which is nearing completion, identifies in its preliminary findings
some significant technology upgrades, including a new City Data Center, a provision for a
computer training space, and the eventual replacement of the City's financial software package,
which will be needed in the next six years. As mentioned in the FY 2014-15 2nd Quarter
Financial Review, Staff recommends setting aside $1,500,000 of the anticipated current year
surplus in the Assigned Reserve for Contribution to Internal Service Funds, to be transferred
into the newly created IT Fund. That transfer of funds will be brought for City Council approval
as part of the FY 2014-15 closing process.
Utilities
Before the installation of solar upgrades at City facilities, the City was experiencing double-digit
annual increases in utility costs. In FY 2015-16, and in the long term forecast, Staff has
accounted for the savings realized from solar energy use, and built in a 5% annual utility
increase, covering costs such as gas, electric, water sewer, telephone, cell and data lines.
Capital Improvement Projects (Preliminary)
The Preliminary FY 2015-16 Budget Update includes $6.4 Million General Fund appropriations
to the 2014-2019 Capital Improvement Program (CIP), as reflected in the table below. The
majority of projects funded by the General Fund are covered through the planned use of
committed reserves, or one-time revenue sources such as Community Benefit Payments (in
green):
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Total 5-
Project Description FY 1415 FY 15-16 FYI 47 FY 17-18 FY 18.19 Wars
Annual ADA Transition Plan $43,577 $23.833 523,882 $23,923 $23,965 $139,180
Civic Center ModFficabon Design and Construction 155,457 155,457
Civic Center Police Wing Renovation 2.000,000 2,000,000
Electronic Agenda System 244,005 244,005
Energy Upgrade 5,593 5,593
Geographic Information System 87,656 19.000 60,000 166,656
Maintenance Yard Fadifty in rovern ents 1.133,601 1,133,601
Network Sys tern ade 313,793 30.000 343,793
Publlc S afely Cam p Iex 97,312 97,312
General limprovernents $4,080,994 $72,833 $23,882 523,923 $83,965 $4,285,597
Annual Sidewalk Safety Repair Program $147,524 $104.925 $105,203 $105,439 $105,581 $566,772
San Ramon Road Landsc ap a Renovation 239,065 239,065
Co nTru nity limpro vernonts $386,589 5104,925 $105,203 $105,439 $1055681 $8075837
Dublin Heritage Park Cemetery Phase $816,960 $998,151 $1,815,111
Emerald Glen Recreation&A uaft Can ex-Phase 1 102,350 2,897.650 3,000,000
Falbn Sports Park-Phase A 1,800.000 1,800,000
Tennis Court Resurfacing Project 151,B01 151,801
Parks $1,071,111 $5,695,801 $6,766,912
Am ad or Plaza Road Bic yc le and Pedeslrian Im provern erts $450,042 $9.605 $459,647
C ityvA de Street Storm Drain C ond it i on As s es s m ent 207,010 83.128 250,942 541,080
Storm Drain Trash Capture Pro ect 178,436 400,000 578,436
Streets $835,488 5492,733 $250,942 $1,579,163
Total CIP $6,374;182 $6,366,292 $380,027 $129,362 $189,648 $13,439,509
A comprehensive list of capital improvement projects planned for 2014-2019 and funding
sources are listed in Attachment 3 and 4.
Capital Improvement Projects On-going Budget Impact
In addition to the one-time project construction costs, a number of planned Parks and General
capital improvement projects will have a significant impact on the current and future operating
budgets due to on-going maintenance costs. While minimal in FY 2015-16, it is expected that
this ongoing support cost will go from $884,885 in FY 2016-17 to $1.5 million annually by FY
2018-19. This fiscal impact has been included in the Ten Year Forecast, and is not reflective of
other infrastructure improvements such as additional street, street landscape, and street light
maintenance.
General Fund Reserves
Total reserves are projected at $75.3 million at the end of FY 2015-16, an increase of $1 .2
million over FY 2014-15. The unassigned/available cash flow reserve is projected at $19.2
million, representing 3.5 months of the projected FY 2016-17 budget. Significant proposed
changes to reserves during FY 2015-16 include:
• The use of $6.1 million in Committed Reserves for specific CIP projects mentioned in this
report;
• The use of the one-time sales tax payment of $1 .2 million to create a Committed Reserve
towards the undergrounding of utilities at Scarlett Court. This is a reserve place-holder
only and is not a project budget; and
• Shifting $1 .2 million to the reserve for Pension/OPEB and the reserve for Non-Streets
CIP Commitments.
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It should be noted that there is no Community Benefit Payment related to the Dublin Crossings
project built in to the budget yet, though per the development agreement with SunCal, the City
will receive a lump sum payment of $10 million in November 2015. Because of the significance
of that item, Staff will report on that separately at a later City Council meeting. Final reserve
designations for FY 2014-15 will be brought to City Council for approval on June 16, 2015.
Next Steps
The Proposed FY 2015-16 General Fund operating budget is balanced. All other funds are
balanced, as are the proposed capital improvement project budgets.
Staff is seeking City Council direction on the preliminary proposed FY 2015-16 Budget.
1 . Are there any items the City Council would like staff to change, remove, or add to the budget
proposal?
2. Is there any other information City Council desire to see during the Budget Hearing on
June 2, 2015?
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS: 1 . General Fund Summary, Preliminary FY 2015-16 Budget Update
2. General Fund Reserves
3. 2014-2019 Capital Improvement Program Update
4. 2014-2019 Capital Improvement Program Funding Sources
Page 11 of 11
GENERAL FUND SUMMARY ATTACHMENT
PRELIMINARY FY 2015-16 BUDGET UPDATE
Actual Amended Update Changefrom %
13-14 14-15 15-16 14-15 Amended Change
Revenues
Property Taxes 25,286,308 29,290,511 31,786,036 2,495,526 8.5%
Sales Tax 17,833,314 18,667,216 20,562,939 1,895,723 10.2%
Other Taxes 5,427,627 4,747,800 4,581,500 (166,300) -3.5%
Building Permits 5,046,928 4,466,161 2,444,500 (2,021,661) -45.3%
Other Licenses&Permits 927,056 783,446 679,192 (104,254) -13.3%
Fines&Penalties 111,714 138,260 109,932 (28,328) -20.5%
Interest 787,515 368,581 466,191 97,610 26.5%
Rentals&Leases 708,090 1,016,037 943,073 (72,964) -7.2%
Intergovernmental 191,574 193,620 198,620 5,000 2.6%
Charges for Services 9,197,812 7,043,012 7,899,809 856,797 12.2%
Other Revenue 286,683 392,654 358,417 (34,237) -8.7%
Community Benefit Payment 2,108,858 2,776,174 675,678 (2,100,497) -75.7%
Subtotal Revenues 67,913,478 69,883,471 70,705,887 822,416 1.2%
Carryover Prior Year Operating Revenues 1,053,994 -
Total Revenues 67,913,478 70,937,465 70,705,887
Expenditures
Salaries&Wages 9,443,209 9,724,952 10,535,746 810,794 8.3%
Benefits 4,530,270 4,892,712 5,074,483 181,771 3.7%
Services&Supplies 2,133,125 2,462,206 2,613,339 151,133 6.1%
Internal Service Fund Charges 1,721,525 1,778,101 2,584,257 806,156 45.3%
Utilities 1,784,982 2,035,482 2,100,310 64,828 3.2%
Contracted Services 35,099,787 37,396,423 39,208,468 1,812,045 4.8%
Capital Outlay 212,240 511,710 329,250 (182,460) -35.7%
Contigency&Contributions - 821,346 717,756 (103,590) -12.6%
Subtotal Expenditures 59,622,932 63,163,608 3,540,676 5.9%
Carryover Prior Year Operating Expenditures 1,053,994 - (1,053,994)
Total Expenditures 54,925,137 60,676,927 63,163,608 2,486,682
OPERATING BUDGET IMPACT 12,988,341 10,260,539 7,542,279 (2,718,260)
SURPLUS/(DEFICIT)
CIP/One-Time Expenditures
Maintenance Yard* (4,894,349) (1,133,601)
Public Safety Complex* (3,186,592) (97,312)
Parkland Acquisition* (1,954,025)
PD Wing Renovation* (2,000,000)
Emerald Glen Aquatics Complex* (102,350) (2,897,650)
Civic Center Modifications* (132,498) (155,457)
Joint City/School Projects* (364,127) (70,000)
Cemetary Expansion* (816,960) (998,151)
Fire Services OPEB* (8,196,000)
Amador Plaza Rd Bicycle&Ped Impr* (450,042) (9,605)
Fallon Sports Park-Phase 1* (1,800,000)
Storm Drain Trash Capture* (583) (178,436) (400,000)
San Ramon Rd Landscape (239,065)
Tree Planting (777)
Sidewalk Safety (21,574) (147,524) (104,925)
Electronic Agenda (64,945) (244,005)
Energy Upgrade (102) (5,593)
Network Syst Upgrade (12,539) (313,793) (30,000)
Tennis Court Resurfacing (153,350)
GIS (87,656) (19,000)
ADA Transition (43,577) (23,833)
Storm Drain Condition (100,476) (207,010) (83,128)
TOTAL CIP/ONE-TIME EXPENDITURES (10,732,587) (14,641,731) (6,366,292) 8,275,439 -56.5%
USE OF RESERVES
(for projects noted by*) 10,415,745 13,021,722 6,105,406 (6,916,316) -53.1%
NET IMPACT ON RESERVES 2,255,754 (5,435,186) 1,175,987 6,611,173 -121.6%
TOTAL RESERVES 79,572,887 74,137,701 75,313,688 1,175,987 1.6%
GENERAL FUND RESERVES: ATTACHMENT
PRELIMINARY FY 2015-16 BUDGET UPDATE
Change during FY 2015-16
Actual Projected total change Projected
2013-14 2014-15 INCREASE DECREASE during year 2015-16
•
Reserve Balances
Non-Spendable 70,022 $7,122,168 $0 ($633,830) ($633,830) $6,488,338
Prepaid Expenses 27,080 27,080 27,080
Cemetery Endowment 60,000 60,000 60,000
Advance to Public Facility Fees - 5,500,000 - 5,500,000
Advance to Fire Impact Fee 901,907 651,907 (250,000) (250,000)i 401,907
Advance to PERS Side Fund 1,281,035 883,181 (383,830) (383,830) 499,351
Restricted $500,000 $500,000 $0 $500,000
Heritage Park Maintenance 500,000 500,000 500,000
Committed $34,124,27225,219,483 $2,759,595 ($6,105,406) ($3,345,811) $21,873,672
Economic Stability 6,000,000 6,000,000 6,000,000
Downtown Public Impr 1,000,000 549,958 (9,605) (9,605) 540,353
Open Space Funding 45,975 0 0
Affordable Housing 1,000,000 1,000,000 1,000,000
Emerald Glen Aquatic Complex 3,000,000 2,897,650 (2,897,650) (2,897,650) -
Emergency Communications 741,000 741,000 - 741,000
Fire Svcs OPEB 8,196,000 397,854 383,830 383,830 781,684
Innovations&New Opport 1,372,785 1,372,785 - 1,372,785
Maintenance Facility 1,133,601 - -
Cemetery Expansion 2,391,538 4,462,178 - (998,151) (998,151) 3,464,027
Fallon Sports Park - 2,000,000 (1,800,000) (1,800,000) 200,000
Civic Ctr Expansion 259,076 103,619 103,619
Public Safety Complex - -
Jt City/School Projects 235,873 46,015 - 46,015
Storm Drain Capture 400,000 (400,000)
Non-Streets CIP Commitments 3,132,016 3,132,016 1,205,575 1,205,575 4,337,591
Shannon Center Parking Lot 775,000 775,000 - 775,000
Utility Undergrounding - 1,170,190 1,170,190 1,170,190
Advance to Public Facility Fee 3,500,000 - -
One-Time Initiative 1,341,408 1,341,408 - 1,341,408
$29,259,338 $26,189,287 $1,205,575 ($250,000) $955,575 $27,144,862
Accrued Leave 979,248 979,248 - 979,248
Operating Carryovers 1,486,299 - -
CIP Carryovers 1,083,752
Civic Ctr Renovation-Police 2,000,000 - -
Contribution to ISF 500,000 2,000,000 2,000,000
Catastophic Loss 10,608,186 10,608,186 10,608,186
Service Continuity 2,410,000 2,410,000 - 2,410,000
Pension&OPEB 9,866,853 9,866,853 1,205,575 (250,000) 955,575 10,822,428
Fiscally Responsible Adj 325,000 325,000 - 325,000
Unassign $13,419,255 $15,106,764 $6,989,236 ($2,789,183) $4,200,053 $19,306,817
Unassigned-Unrealized Gains 99,765 99,765 99,765
Unassigned(Available) 13,319,490 15,006,998 3.5 months 19,207,051
TOTAL RESERVES 79,572,887 74,137,701 $1,175,987 75,313,688
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